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Sendero Capital and TPG Angelo Gordon are rising their Rhode Island portfolio. The three way partnership has acquired a 30,000-square-foot multi-specialty health-care facility in Warwick, R.I. NeuroHealth offered the Class B asset for $8.1 million, Kent County data present.
JLL Capital Markets suggested the consumers in what’s their fifth acquisition by means of their programmatic three way partnership launched in July 2023. The funding car was set to have the capability of as much as $300 million in investments in outpatient health-care actual property for a two-year interval, with a deal with property positioned all through Northeastern U.S.
In line with CommercialEdge, the property, which got here on-line in 1998, was topic to 2 loans supplied by Financial institution of America. The earlier proprietor obtained $4.8 million in financing again in 2005 and 10 years later, a further $300,000 in funding.
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The three-story constructing sits on 1.8 acres and affords managed entry and 122 automotive spots at a parking ratio of 4.7 areas per 1,000 sq. toes. NeuroHealth is the property’s anchor tenant, occupying 40 p.c of the constructing, which is totally leased. Rhode Island Medical Imaging and Care New England/Kent Hospital is one other tenant that gives a wide range of medical providers, together with imaging and household drugs.
The property is positioned at 227 Centerville Street, has entry to interstates 95 and 295 and is lower than 10 miles from downtown Windfall and a few 60 miles from Boston. Medical suppliers within the surrounding space embrace South County Well being Medical & Wellness Heart, CareWell Pressing Care Warwick and Oak Avenue Well being Warwick Major Care Clinic, amongst others.
The JLL Capital Markets workforce included Senior Managing Director Mindy Berman, Senior Director Anthony Sardo and Affiliate Landon Weaver.
The three way partnership’s portfolio
As an addition to the portfolio of medical workplace buildings bought by means of their three way partnership, final August Sendero Capital and TPG Angelo Gordon acquired 2 Wake Robin Street, a 30,000-square-foot facility in Windfall, R.I.
Their first buy was a 53,120-square-foot medical workplace constructing in Hamden, Conn., which was anchored on the time of the sale by Hartford Healthcare and Yale New Haven Well being. The partnership additionally expanded its footprint with 1 Hampton Street, an 82,000-square-foot property in Exeter, N.H.
In late 2023, the three way partnership obtained a $75 million credit score facility, in a transaction organized by JLL Capital Markets. The credit score was seeded with 4 property totaling 201,369 sq. toes in Connecticut, Rhode Island and New Hampshire.
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